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PRESS RELEASE
July 5, 2004

First in Tourism Finance in St. Lucia
Multimillion US financing for Doubloon International Limited
by First Citizens Bank Limited

First Citizens Bank continues to provide attractive financing to projects in St. Lucia having just financed the Lucelec expansion.  The Bank’s latest venture with Doubloon International Limited will provide financing for the development of Discovery at Marigot Bay, St. Lucia, a new apartment hotel affiliated to the World’s Finest Resorts (WFR) Group.

Discovery at Marigot Bay offers a complete range of five-star facilities including a health and fitness centre, shops, water sports and entertainment.  The Bay, once described by author James Michener as “… the most beautiful Bay in the Caribbean,” will be enhanced over the next 24 months.  This will be done with financing from First Citizens Bank through two loan facilities as follows:

• US $18 million will be used to build 57 five-star apartments designed for both comfort and compatibility with world class technology in communications and in-home conveniences. The apartments convert to 124 hotel rooms and suites.

• US $700,000 will be deployed to rebuild and expand the Marina facilities at the resort.

Doubloon International Ltd. has complied with and received the necessary approvals from all relevant bodies to ensure that the project is eco-firendly.  As a result, First Citizens Bank has entered into this partnership confident in the knowledge that the end result will provide all round benefits to St. Lucia’s tourism industry.

First Citizens Bank takes this opportunity to congratulate Doubloon International Limited and wishes them every success in the future and looks forward to a long-lasting relationship.

Heidi Bason
Manager – Group Corporate Communications